What Is The Real Cost of Aging?

It’s no secret that healthcare costs have dramatically increased over the past several decades. Unfortunately, it’s nearly impossible to know how much you need to put aside to cover your average healthcare costs, let alone guess how much you may need should your health take a turn for the worse. So what is the average American supposed to do?

Traditionally, standard long-term care insurance was really the only viable option but it was very expensive. However, new long-term care solutions are available and as a result, many Americans can now have peace of mind when it comes to planning for a long-term care event.

According to statistics and research from the CDC and AARP, there are over 16,000 nursing homes in the United States with approximately 1.5 million residents. The average stay is 835 days and the average cost is over $50,000. Approximately 1/3 of nursing home residents must use their own funds to cover costs.

How much can you expect to pay on average for nursing home care? Below is a chart showing the medial annual costs for nursing home care in select states. The amount for each state is approximate and is based on a 365 day stay with a semi-private room accommodation:

Don’t take a chance with your long-term healthcare needs…prevention is the best medicine after all. Your personal retirement distribution specialist, CPA, or other professional advisor can help you determine what the right solutions are for you and your family. Not all long-term care solutions are appropriate for every individual so it is important that you meet with your personal advisors for an individual assessment to discuss new solutions and strategies that are appropriate for your individual situation.